Chunnel Project
Qualitative Risk Analysis - Monica
Qualitative risk analysis is the process of prioritizing risks for further analysis or action by assessing and combining their probability or occurrence and impact (Project Management Institute, 2013, p. 328). The key benefit of this process is that it enables project managers to reduce the level of uncertainty and to focus on high-priority risks. The Chunnel project could have benefitted from Qualitative Risk analysis to manage the many risks of this large project. Scope Creep The overall scope of the Chunnel project was increased significantly “due to change requests throughout the life of the project” (Anbari, et al.,2005, p. 14). There was not an effective change management process in place. Having a change management process would guarantee that any approved changes had corresponding funding. While the Chunnel project was considered complete, there were still outstanding scope items. This disconnect between scope changes and funding inevitably led to budget overruns. …show more content…
Tree diagrams are useful in establishing necessary risk decisions for a project like Chunnel. These diagrams “terminate into a single decision point” (Project Management Institute, 2013, p. 245). In the Chunnel project an RBS could have been used to identify not only engineering risks, but also processes, financial, and approval risks. While risk management needs to be managed throughout a project, that was not the case with the Chunnel project. There was no formal risk management process in place for documenting risks, determining their impact and implementing mitigation plans as
Qualitative risk analysis is the process of prioritizing risks for further analysis or action by assessing and combining their probability or occurrence and impact (Project Management Institute, 2013, p. 328). The key benefit of this process is that it enables project managers to reduce the level of uncertainty and to focus on high-priority risks. The Chunnel project could have benefitted from Qualitative Risk analysis to manage the many risks of this large project. Scope Creep The overall scope of the Chunnel project was increased significantly “due to change requests throughout the life of the project” (Anbari, et al.,2005, p. 14). There was not an effective change management process in place. Having a change management process would guarantee that any approved changes had corresponding funding. While the Chunnel project was considered complete, there were still outstanding scope items. This disconnect between scope changes and funding inevitably led to budget overruns. …show more content…
Tree diagrams are useful in establishing necessary risk decisions for a project like Chunnel. These diagrams “terminate into a single decision point” (Project Management Institute, 2013, p. 245). In the Chunnel project an RBS could have been used to identify not only engineering risks, but also processes, financial, and approval risks. While risk management needs to be managed throughout a project, that was not the case with the Chunnel project. There was no formal risk management process in place for documenting risks, determining their impact and implementing mitigation plans as